Trader who founded XTX sees fortune soar to $11 billion as quant firm becomes a top global player

• Alex Gerko's wealth is now estimated at $10.8 billion as his firm XTX has become a top global player.
• He is now number 182 on the Bloomberg Billionaires Index, which just calculated that his fortune doubled.
• The index added $5 billion to his wealth compared to the prior trading day.

Alex Gerko, the former Deutsche Bank trader who founded XTX Markets in 2015, now holds a net worth of $10.8 billion, according to the Bloomberg Billionaires Index. 

He has jumped to number 182 on the index, which just calculated that his fortune doubled, after adding $5.17 billion to his wealth compared to the prior trading day. For the year to date, his fortune has swelled by $4.94 billion.

The rise in Gerko's fortune, which tops Stanley Druckenmiller's, can be attributed to XTX's notable performance in recent years.

According to reports last month, the proprietary trading and market-making firm saw revenue surge 68% in 2022 to 2.5 billion pound sterling ($3.2 billion), while profit jumped more than 50% to 1.1 billion pounds. 

And earlier this year, XTX — which is 75% owned by Gerko — paid a record-high dividend of 1.6 billion pounds to its stakeholders.

While revenue still trails Citadel Securities' $7.5 billion in 2022, XTX is emerging as one of the top players in global markets.

That's as XTX especially stood out as global markets were roiled last year by the spike in interest rates as well as the US bank crisis. 

The firm handles a trading volume of around $300 billion a day, involved in equities, commodities, currencies, and fixed-income. According to the Financial Times, though the global company has nearly 200 employees, no human trader is employed. 

Instead, XTX aims to optimize all its trade through automation, and the firm's name is a reference to a mathematical formula used in related algorithms.

Gerko, who is a Russian native living in the UK, is also considered the Britain's largest taxpayer.